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4/22/2019 5:32:20 PM
Posted: 4/17/2007 9:53:19 AM EDT
Has anyone set up a LLC/Corporation for NFA items in Utah? If you have can you let me know how you did it and how much it ended up costing you?
Link Posted: 4/17/2007 1:16:43 PM EDT
[Last Edit: 4/17/2007 1:18:39 PM EDT by M21]
They way I unserstand it you have to have a retail store front with hours of operation. You cannont do it out of your house. The cost of an SOT stamp is $500, plus the cost of your FFL, business liceneses, office space, it is kind of hard to put an exact $ amount to it. To set up a corporation is easy when I checked into it I think the cost to set it up was under $500 to set up the corp.
Link Posted: 4/17/2007 1:30:24 PM EDT
No no...I mean for Pre-1986 machine guns, SBRs, and NFA items. I'm not looking to get an FFL/SOT for post 1986 machine guns...
Link Posted: 4/17/2007 2:15:52 PM EDT
There are 2 different ways, 1 become a dealer wit a storefront etc......

2- find the machine gun, supressor, SBR for sale on a form 3 or form 4 transfer form. Buy it, fill out the forms send in the $200 transfer fee (or $5 on AOW). YOU DO NOT NEED AN CLASS 3 to own any of the transferable items on unless it is post 1986. You just need to get the tax stamp for the item which costs $200 per transfered item, or $5 for AOW's

You can look for transferable items on subguns.com, or other places on the internet, locally Get Some, FBMG, Impact, to mention a few are all class 3 dealers and can help you get started.
Link Posted: 4/17/2007 4:52:30 PM EDT
Yes, I know this, but I want to form a LLC to own transferable NFA items with a good friend of mine. Also, with a LLC I do not have to get the Sign-off from the Police Chief. Does that make sense?
Link Posted: 4/17/2007 5:33:14 PM EDT
Sorry for wasting your time, I have never heard of anyone trying or doing this. I can't help you, call the ATF and make sure you can do what your thinking, and there are alot of lawyers and accountants that can set up a corporation for around $500. If you need an accountant I know of 1 in the Lindon area who is very good and sets up corporations.

CLEO sigantures would be required on all form 4 purchases. FORM 3 purchases it is not but you have to be a class 3 dealer with SOT stamp.
Link Posted: 4/17/2007 6:23:04 PM EDT
M21: Do some research. NFA to a trust or corp does not require CLEO sig, photos, or fingerprints.

Jason_R: Depending on where in UT you are, the CLEO signoff might not be that hard to get. The first time I met the sheriff in Cache Co., I had set up an appointment. The first thing I said was that I wanted to get a machinegun. He said "Cool! Whatcha getting?" and it went from there.

My toys are mine, not some corporation's. I don't have to worry about the legal status of my toys if I fail to file the corporate papers every year.

If you still want to go that way, a lot of people have recently been using a trust to buy NFA stuff. Check out www.ar15.com/forums/topic.html?b=6&f=17&t=199942
Link Posted: 4/17/2007 6:45:28 PM EDT
Sorry, I was mis informed, and thank you for correcting me.

CLEO signatures are easy to obtain you can just go to Utah BCI and they can sign for any where in the state
Link Posted: 4/17/2007 7:54:19 PM EDT
Yes, but from my understanding a corporation will will allow me and another person(s) to have access to the NFA items. Can I form a trust with another person?
Link Posted: 4/19/2007 9:54:58 AM EDT
Ok...with a corporation I can have other members of the corp so they can legally have access to the NFA items.

One more question...I'm moving back to California to finish college, but I want to be able to purchase NFA and title I firearms in Utah. I already have a Utah driver's license. Is it legal to buy firearms in Utah if I have a residence in another state? Obviously I would not bring hi-cap mags or assault weapons in to California.

Do I need to be paying a rent/mortgage to buy firearms in Utah legally?
Link Posted: 4/19/2007 11:14:03 AM EDT
Talk to a lawyer that specializes in opening up a corporation. You have the options of LLC, I-corp, S-corp, etc. There are little nuances depending on what you want to do that will help guide what kind of corp you set up. Things like other business the corp engages in will change how taxes are done as well as recurring fees to keep the corp running. A CPA could do the paperwork but he might not know what is the best option for you and your needs.

Any Officer (CEO, Presidet, VP, CFO, COO etc) in the corp will be allowed to possess the NFA item. The corp OWNS the item, the officers DO NOT own the items. If the corp goes away then you have do a $200/item transfer to get the items transfered to your name or sell the corporation to someone so that they can be listed as the officer.

Under a trust you should be able to list corporations that are held by the trust. So Joe Blows Trust may hold "A LLC", "B LLC", and "C LLC". The benefactors of the trust would then have full access to any NFA item in A, B, or C LLC. While the officers of "A LLC" would only have full access to NFA items held by "A LLC".
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